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Two of Ontario’s largest community credit unions have entered into merger discussions, aiming to create a stronger, more scalable financial institution while preserving their local roots.
The Boards of Kawartha Credit Union and Libro Credit Union confirmed the talks in a joint statement, saying the move would benefit Members/Owners, employees and communities across the province.
“The Boards of both credit unions believe this merger is in the best interests of Members/Owners, employees, communities and the credit union,” said Garrett Vanderwyst, Chair of the Libro Board. “By coming together, we can scale and be better prepared for the future, while at the same time maintain the benefits and advantages of a community-focused credit union.”
The merger process is advancing, with a formal application to the Financial Services Regulatory Authority of Ontario expected in August. If approved, Members/Owners of both credit unions would vote on the merger, likely in fall 2025.
If finalized, the combined credit union would manage approximately $11 billion in assets, serve over 180,000 Members/Owners, and operate 57 locations throughout Ontario.
“Both credit unions have a long history of helping Members/Owners achieve their financial goals,” said Allison Chenier, Chair of the Kawartha Board. “By coming together the merged credit union will focus on providing the products, services and advice our Members/Owners need, while continuing to invest in our local communities.”
